UniCredit innovates with first NPL lease securitization

By Tom Brown
17 Dec 2020

UniCredit has structured the first non-performing real estate lease securitization in Italy, disposing of part of its leasing business in order to navigate complex legal challenges around managing repossessed properties.

The bank’s new innovation involves a €1.58bn NPL lease securitization — the first of its kind — named Project Relais.

The leases are secured on a number of industrial properties across Italy, but the leaseholders are primarily small, single-person businesses, such as a dentist with a home office. ...

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